Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38210 | |
Entity Registrant Name | Krystal Biotech, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-1080209 | |
Entity Address, Address Line One | 2100 Wharton Street | |
Entity Address, Address Line Two | Suite 701 | |
Entity Address, City or Town | Pittsburgh | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15203 | |
City Area Code | 412 | |
Local Phone Number | 586-5830 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | KRYS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,204,627 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001711279 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 402,172 | $ 268,269 |
Short-term investments | 1,248 | 2,993 |
Prepaid expenses and other current assets | 2,406 | 3,796 |
Total current assets | 405,826 | 275,058 |
Property and equipment, net | 33,883 | 30,876 |
Right-of-use assets | 3,200 | 3,298 |
Other non-current assets | 109 | 1,612 |
Total assets | 443,018 | 310,844 |
Current liabilities | ||
Accounts payable | 1,844 | 2,105 |
Current portion of lease liability | 648 | 638 |
Accrued expenses and other current liabilities | 6,652 | 5,109 |
Build to suit lease liability | 0 | 7,600 |
Total current liabilities | 9,144 | 15,452 |
Lease liability | 3,222 | 3,308 |
Total liabilities | 12,366 | 18,760 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity | ||
Preferred stock; $0.00001 par value; 20,000,000 shares authorized at March 31, 2021 (unaudited) and December 31, 2020; 2,061,773 shares issued, and no shares outstanding at March 31, 2021 (unaudited) and December 31, 2020 | 0 | 0 |
Common stock; $0.00001 par value; 80,000,000 shares authorized at March 31, 2021 (unaudited) and December 31, 2020; 22,204,057 and 19,714,220 shares issued and outstanding at March 31, 2021 (unaudited) and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 517,675 | 363,292 |
Accumulated other comprehensive income | 3 | 6 |
Accumulated deficit | (87,026) | (71,214) |
Total stockholders' equity | 430,652 | 292,084 |
Total liabilities and stockholders' equity | $ 443,018 | $ 310,844 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred stock, shares issued (in shares) | 2,061,773 | 2,061,773 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 22,204,057 | 19,714,220 |
Common stock, shares outstanding (in shares) | 22,204,057 | 19,714,220 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Expenses | ||
Research and development | $ 6,201 | $ 3,525 |
General and administrative | 8,152 | 2,421 |
Total operating expenses | 14,353 | 5,946 |
Loss from operations | (14,353) | (5,946) |
Other Income (Expense) | ||
Interest and other income, net | 33 | 605 |
Interest expense | (1,492) | 0 |
Net loss | (15,812) | (5,341) |
Unrealized gain (loss) on available-for-sale securities | (3) | 14 |
Comprehensive loss | $ (15,815) | $ (5,327) |
Net loss per common share: basic and diluted (in dollars per share) | $ (0.74) | $ (0.31) |
Weighted-average common shares outstanding: Basic and diluted | 21,253,508 | 17,359,356 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit |
Beginning balance at Dec. 31, 2019 | $ 202,914 | $ 241,951 | $ 10 | $ (39,047) | |
Beginning balance (in shares) at Dec. 31, 2019 | 17,354,310 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Issuance of common stock, net | 243 | 243 | |||
Issuance of common stock, net, (in shares) | 16,254 | ||||
Stock-based compensation expense | 539 | 539 | |||
Unrealized gain (loss) on investments | 14 | 14 | |||
Net loss | (5,341) | (5,341) | |||
Ending balance at Mar. 31, 2020 | 198,369 | 242,733 | 24 | (44,388) | |
Ending balance (in shares) at Mar. 31, 2020 | 17,370,564 | ||||
Beginning balance at Dec. 31, 2020 | 292,084 | 363,292 | 6 | (71,214) | |
Beginning balance (in shares) at Dec. 31, 2020 | 19,714,220 | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Issuance of common stock, net | 152,033 | 152,033 | |||
Issuance of common stock, net, (in shares) | 2,489,837 | ||||
Stock-based compensation expense | 2,350 | 2,350 | |||
Unrealized gain (loss) on investments | (3) | (3) | |||
Net loss | (15,812) | (15,812) | |||
Ending balance at Mar. 31, 2021 | $ 430,652 | $ 517,675 | $ 3 | $ (87,026) | |
Ending balance (in shares) at Mar. 31, 2021 | 22,204,057 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net loss | $ (15,812) | $ (5,341) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 536 | 412 |
Stock-based compensation expense | 2,313 | 539 |
Non-cash interest expense | 1,492 | 0 |
Changes in operating assets and liabilities | ||
Prepaid expenses and other current assets | 1,312 | 108 |
Prepaid rent | 0 | (2,400) |
Lease liability | (77) | (51) |
Accounts payable | 294 | 244 |
Accrued expenses and other current liabilities | 288 | 262 |
Net cash used in operating activities | (9,654) | (6,227) |
Investing Activities | ||
Purchases of property and equipment | (2,473) | (1,508) |
Purchases of short-term investments | 0 | (1,967) |
Proceeds from maturities of short-term investments | 1,726 | 2,170 |
Net cash used in investing activities | (747) | (1,305) |
Financing Activities | ||
Issuance of common stock, net | 152,264 | 243 |
Repayment of ASTRA build to suit liability | (7,960) | 0 |
Net cash provided by financing activities | 144,304 | 243 |
Net increase (decrease) in cash and cash equivalents | 133,903 | (7,289) |
Cash and cash equivalents at beginning of period | 268,269 | 187,514 |
Cash and cash equivalents at end of period | 402,172 | 180,225 |
Supplemental Disclosures of Non-Cash Investing and Financing Activities | ||
Unpaid purchases of property and equipment | 2,615 | 1,302 |
Unpaid offering costs | $ 214 | $ 22 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization | Organization Krystal Biotech, Inc. (the “Company,” or “we” or other similar pronouns) commenced operations on April 15, 2016. On March 31, 2017, the Company converted from a California limited liability company to a Delaware C-corporation, and changed its name from Krystal Biotech LLC to Krystal Biotech, Inc. On June 19, 2018, the Company incorporated Krystal Australia Pty Ltd., an Australian proprietary limited company, for the purpose of undertaking preclinical and clinical studies in Australia. On April 24, 2019, the Company incorporated Jeune, Inc. in Delaware, a wholly-owned subsidiary, for the purpose of undertaking preclinical and clinical studies for aesthetic skin conditions. We are a clinical stage biotechnology company leading the field of redosable gene therapy for the treatment of serious rare diseases. Using our patented platform that is based on engineered herpes simplex virus type 1 ("HSV-1"), we create vectors that efficiently deliver therapeutic transgenes to cells of interest in multiple organ systems. The cell’s own machinery then transcribes and translates the encoded effector to treat or prevent disease. We formulate our vectors for non-invasive or minimally invasive routes of administration at a doctor’s office or potentially in the patient’s home. Our goal is to develop easy to use, redosable gene therapies to dramatically improve the lives of patients living with rare diseases. Our innovative technology platform is supported by in-house, commercial scale current good manufacturing practices ("cGMP") manufacturing capabilities. Liquidity As of March 31, 2021, the Company had an accumulated deficit of $87.0 million. With the net proceeds raised from its public and private securities offerings, including the public offering of its common stock completed on February 1, 2021, the Company believes that its cash, cash equivalents and short-term investments of approximately $403.4 million as of March 31, 2021 will be sufficient to allow the Company to fund its planned operations for at least the next 12 months from the date of this Quarterly Report on Form 10-Q. As the Company continues to incur losses, a transition to profitability is dependent upon the successful development, approval and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability and unless and until it does, the Company will continue to need to raise additional capital or obtain financing from other sources. Management intends to fund future operations through the sale of equity and debt financings and may also seek additional capital through arrangements with strategic partners or other sources. There can be no assurance that additional funding will be available on terms acceptable to the Company, if at all. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to the failure of product candidates in clinical and preclinical studies, the development of competing product candidates or other technological innovations by competitors, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to c ommercialize product candidates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”), of the Financial Accounting Standards Board (“FASB”), and the rules and regulations of the US Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassified amounts have no impact on the Company’s previously reported financial position or results of operation. These unaudited interim condensed financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 1, 2021. Risks and Uncertainties The novel coronavirus ("COVID-19") pandemic has resulted, and is likely to continue to result, in significant national and global economic uncertainty and may adversely affect our business. The Company is continuing to actively monitor the impact of the COVID-19 pandemic and the related effects on its financial condition, liquidity, operations, suppliers, industry, and workforce. However, the full extent, consequences, and duration of the COVID-19 pandemic and the resulting impact on the Company cannot currently be predicted. The Company will continue to evaluate the impact that these events could have on the operations, financial position, and the results of operations and cash flows during fiscal year 2021. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas including stock-based compensation expense, accrued expenses, the fair value of financial instruments, the incremental borrowing rate for lease liabilities, and the valuation allowance included in the deferred income tax calculation. Segment and Geographical Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company’s chief operating decision maker view the Company’s operations and manage its business in one operating segment, which is the business of developing and commercializing pharmaceuticals. Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to credit risk consist of cash, cash equivalents and investments. The Company’s policy is to invest its cash, cash equivalents and investments in money market funds, certificates of deposit and various other bank deposit accounts. The counterparties to the agreements relating to the Company’s investments consist of financial institutions of high credit standing. The Company is exposed to credit risk in the event of default by the financial institutions to the extent amounts recorded on the balance sheets are in excess of insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss. Cash, Cash Equivalents and Investments Cash and cash equivalents consist of money market funds and bank deposits. Cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Investments with maturities of greater than 90 days but less than one year are classified as short-term investments on the consolidated balance sheets and consist of certificates of deposit. Investments with maturities of greater than one year are classified as long-term investments on the consolidated balance sheets and consist of certificates of deposit. Accrued interest on certificates of deposit are also classified as short-term investments. As our entire investment portfolio is considered available for use in current operations, we classify all investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported in accumulated other comprehensive loss, which is a separate component of stockholders’ equity in the consolidated balance sheets. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy that prioritizes the inputs used in determining fair value by their reliability and preferred use, as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities. • Level 2 — Valuations based on quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Valuations based on inputs that are both significant to the fair value measurement and unobservable. To the extent that a valuation is based on models or inputs that are less observable, or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There have been no significant changes to the valuation methods utilized by the Company during the periods presented. There have been no transfers between Level 1, Level 2, and Level 3 in any periods presented. The carrying amounts of financial instruments consisting of cash and cash equivalents, investments, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities included in the Company’s financial statements, are reasonable estimates of fair value, primarily due to their short maturities. Marketable securities are classified as long-term investments if the Company has the ability and intent to hold them and such holding period is longer than one year. The Company classifies all of its investments as available-for-sale. Our available-for-sale, short-term investments, which consist of certificates of deposit, are considered to be Level 2 valuations. The fair value of Level 2 financial assets is determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data, such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. Property and Equipment, net Property and equipment, net, is stated at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred, while costs of major additions and betterments are capitalized. Upon disposal, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Computer equipment and software 3 years Lab equipment 3 -7 years Furniture and fixtures 3 years Leasehold improvement shorter of 8 years or remaining life of lease Construction in progress ("CIP") is not depreciated until the asset is placed in service. Impairment of Long-Lived Assets The Company evaluates long-lived assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount of the asset. The Company has not recognized any impairment losses for the three months ended March 31, 2021 and 2020. Leases The Company accounts for its lease agreements in accordance with FASB ASC Topic 842, Leases ("ASC 842"). Right-of-use lease assets represent our right to use the underlying asset during the lease term and the lease obligations represent our commitment to make lease payments arising from the lease. Right-of-use lease assets and obligations were recognized based on the present value of remaining lease payments over the lease term. As the Company’s lease agreements do not provide an implicit rate and as the Company does not have any external borrowings, we have used an estimated incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for the payment is incurred. In addition, the Company also has made an accounting policy election to exclude leases with an initial term of twelve months or less from its balance sheet and to account for lease and non-lease components of its operating leases as a single component. For lease arrangements where it has been determined that the Company has control over an asset that is under construction and is thus considered the accounting owner of the asset during the construction period, the Company records a construction in progress asset and corresponding financial obligation on the condensed consolidated balance sheet. Once the construction is complete, an assessment is performed to determine whether the lease meets certain "sale-leaseback" criteria. If the sale-leaseback criteria are determined to be met, the Company will remove the asset and related financial obligation from the condensed consolidated balance sheet and treat the building lease as either an operating or finance lease based on our assessment of the guidance. If, upon completion of construction, the project does not meet the "sale-leaseback" criteria, the lease will be treated as a financing obligation and the Company will depreciate the asset over its estimated useful life for financial reporting purposes once the asset has been placed into service. Research and Development Expenses Research and development costs are charged to expense as incurred in performing research and development activities. These costs include employee compensation costs, facilities and overhead, preclinical and clinical activities, related clinical manufacturing costs, contract management services, regulatory and other related costs. The Company estimates contract research and clinical trials materials manufacturing expenses based on the services performed pursuant to contracts with research organizations and manufacturing organizations that manufacture materials used in the Company’s ongoing preclinical and clinical studies. Non-refundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third party service providers and the Company’s estimates of accrued expenses using information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. Stock-Based Compensation Expense The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments, including grants of stock options and restricted stock, to be recognized in the statements of operations based on their grant-date fair values. Compensation expense is recognized on a straight-line basis based on the grant-date fair value over the associated service period of the award, which is generally the vesting term. The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including: (i) the expected stock price volatility; (ii) the expected term of the award; (iii) the risk-free interest rate; and (iv) expected dividends. Due to the lack of sufficient history and trading volume of our Common Stock and a lack of Company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected term of the stock-based awards. The Company computes historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. Due to the lack of Company-specific historical option activity, the Company has estimated the expected term of its employee stock options using the “simplified” method, whereby the expected term equals the arithmetic mean of the vesting term and the original contractual term of the option. The risk-free interest rates are based on the US Treasury securities with a maturity date commensurate with the expected term of the associated award. The Company has never paid and does not expect to pay dividends in the foreseeable future. The Company accounts for forfeitures as they occur. Stock-based compensation expense recognized in the financial statements is based on awards for which service conditions are expected to be satisfied. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions from non-owner sources. Unrealized gains or losses on available-for-sale securities is a component of other comprehensive gains or losses and is presented net of taxes. We have not recorded any reclassifications from other comprehensive gains or losses to net loss during any period presented. |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock and common share equivalents outstanding for the period. Common share equivalents consist of common stock issuable upon exercise of stock options and vesting of restricted stock awards. There were 1,423,540 and 548,193 common share equivalents outstanding as of March 31, 2021 and 2020, respectively, in the form of stock options and unvested restricted stock awards, that have been excluded from the calculation of diluted net loss per common share as their effect would be anti-dilutive for all periods presented. Three Months Ended 2021 2020 (In thousands, except shares and per share data) (Unaudited) Numerator: Net loss per common share $ (15,812) $ (5,341) Denominator: Weighted-average basic and diluted common shares 21,253,508 17,359,356 Basic and diluted net loss per $ (0.74) $ (0.31) |
Fair Value Instruments
Fair Value Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Instruments | Fair Value Instruments The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of March 31, 2021 and December 31, 2020, respectively (in thousands): March 31, 2021 (unaudited) Amortized Cost Gross Gross Aggregate Fair Cash and Cash Short-term Marketable Securities (1) Level 1: Cash $ 2,752 $ — $ — $ 2,752 $ 2,752 $ — Money market instruments 399,420 — — 399,420 399,420 — Subtotal 402,172 — — 402,172 402,172 — Level 2: Certificates of deposit 1,248 — — 1,248 — 1,248 Subtotal 1,248 — — 1,248 — 1,248 Total $ 403,420 $ — $ — $ 403,420 $ 402,172 $ 1,248 December 31, 2020 Amortized Cost Gross Gross Aggregate Fair Cash and Cash Short-term Marketable Securities (1) Level 1: Cash $ 9,463 $ — $ — $ 9,463 $ 9,463 $ — Money market instruments 258,806 — — 258,806 258,806 — Subtotal 268,269 — — 268,269 268,269 — Level 2: Certificates of deposit 2,986 7 — 2,993 — 2,993 Subtotal 2,986 7 — 2,993 — 2,993 Total $ 271,255 $ 7 $ — $ 271,262 $ 268,269 $ 2,993 (1) The Company’s short-term marketable securities mature in one year or less. See Note 2 to these unaudited condensed consolidated financial statements for additional discussion regarding the Company’s fair value measurements. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, Net Property and equipment, net consist of the following (in thousands): March 31, December 31, (Unaudited) Construction in progress $ 24,833 $ 23,031 Leasehold improvements 5,719 4,631 Furniture and fixtures 877 870 Computer equipment and software 82 82 Laboratory equipment 5,178 4,630 Total property and equipment 36,689 33,244 Accumulated depreciation and amortization (2,806) (2,368) Property and equipment, net $ 33,883 $ 30,876 Depreciation expense was $438 thousand and $335 thousand for the three months ended March 31, 2021 and 2020, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, (Unaudited) Accrued preclinical and clinical expenses $ 2,192 $ 1,735 Accrued professional fees 1,100 642 Accrued payroll and benefits 769 1,486 Accrued taxes 51 40 Accrued construction in progress 2,252 1,049 Other current liabilities 151 26 Accrued financing costs 137 131 Total $ 6,652 $ 5,109 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Significant Contracts and Agreements Lease Agreements On May 26, 2016, the Company signed an operating lease for laboratory and office space that commenced in June 2016 and expired on October 31, 2017 (the “2016 Lease”). The 2016 Lease has been amended several times to increase the area leased, which currently consists of approximately 28,000 square feet. As a result of the lease amendments, the lease expiration date was extended to February 28, 2027. This lease includes our 7,500 square foot commercial scale cGMP-compliant manufacturing facility, ANCORIS. On December 26, 2019, we entered into a lease agreement for our second commercial gene therapy facility ("ASTRA") in the Pittsburgh, Pennsylvania area ("ASTRA lease") with Northfield I, LLC (the "Landlord" or "Northfield") with an initial lease term that expired on October 31, 2035. The ASTRA lease contained an option ("Purchase Option") to purchase the building, related improvements and take corresponding assignment of the Landlord's rights under its existing Ground Lease (the "Ground Lease"). A cash contribution in the amount of $2.4 million was paid to escrow on January 21, 2020. The contribution was intended to reduce the amount of the building construction costs and had the effect of reducing the base rental rate of the lease and as such, was recorded as prepaid rent in the consolidated balance sheet at time of payment. On October 5, 2020, the Company was provided with notice that the initial delivery conditions of the building had been met, including completion of the building shell, interior slab, and exterior doors, and on October 15, 2020, the Company gave the Landlord notice of its intent to purchase ASTRA for approximately $9.4 million, subject to the parties entering into a commercially reasonable purchase and sale agreement. As a result of the Company's ability to exercise its option to purchase ASTRA, the Company obtained control over the construction in progress of ASTRA as of October 5, 2020. The Company recorded a $10.0 million CIP asset and a corresponding build to suit lease liability related to the costs incurred by the Landlord, offset by the previous cash contribution of $2.4 million. On January 29, 2021, the Company entered into a Purchase and Sale Agreement ("PSA") for ASTRA with Northfield related to the purchase option exercised by the Company on October 15, 2020 for a purchase price of $9.4 million. The Company held approximately $1.5 million on deposit with Northfield under the existing lease agreement and applied this deposit as a credit against the purchase price at closing. On February 1, 2021, Northfield delivered the space as substantially complete and made the space available for access by the Company, thus triggering lease commencement. As a result, the Company concluded that this transaction did not qualify for sale-leaseback accounting because it did not meet the definition of a sale. As control did not transfer to the Lessor at lease commencement, the transaction continued to be accounted for as construction in progress and a financing obligation. On March 5, 2021, the purchase closed and the Company determined that reclassification of the construction in progress to buildings and leasehold improvements was not appropriate as the interior of the building was not yet ready for its intended use and as such the building continues to be held under construction in progress as of March 31, 2021. The interior of the building is currently under construction and is expected to be completed and validated in 2022. From construction completion to the closing of the purchase, the Company recognized interest expense to accrete the financial obligation to a balance that equaled the cash consideration that was paid upon the close of purchase. As part of the transaction, the Company also became the accounting owner of the Ground Lease, due to obtaining control over ASTRA, and recorded the applicable operating right-of-use asset and corresponding lease liability as of October 5, 2020. When the PSA was finalized, the Company took assignment of the Lessor's Ground Lease, in accordance with the Purchase Option, of which lease payments are based on annual payments of $82 thousand, and are subject to a cumulative 10% escalation clause every 5 years through 2071. As of March 31, 2021, future minimum commitments under the Company’s operating leases were as follows (in thousands): Operating 2021 (remaining nine months) $ 507 2022 686 2023 698 2024 711 2025 729 Thereafter 6,839 Future minimum operating lease payments $ 10,170 Less: Interest 6,300 Present value of lease liability $ 3,870 Supplemental condensed consolidated balance sheet information related to leases is as follows: (unaudited) March 31, 2021 December 31, 2020 Operating leases: Right-of-use assets $ 3,200 $ 3,298 Current portion of lease liability 648 638 Lease liability 3,222 3,308 Total lease liability $ 3,870 $ 3,946 Weighted average remaining lease term, in years 16.5 16.4 Weighted average discount rate 9.4 % 9.4 % The Company recorded operating lease costs of $218 thousand and $164 thousand for the three months ended March 31, 2021 and March 31, 2020, respectively, and variable lease costs of $37 thousand and $14 thousand for the three months ended March 31, 2021 and March 31, 2020, respectively. Clinical Supply and Product Manufacturing Agreements The Company has entered into various product manufacturing and clinical supply agreements with Contract Manufacturing Organizations (“CMOs”) for the manufacture of clinical trial materials and Contract Research Organizations (“CROs”) for clinical trial services. The product manufacturing and clinical supply agreements provide the terms and conditions under which the CMOs and CROs will formulate, fill, inspect, package, label and test our drug product candidates, B-VEC and KB105 for clinical supply. The Company is obligated to make milestone payments. Additionally, certain raw materials, supplies, outsourced testing and other services for the purposes of batch production will be invoiced separately by the CMOs. The estimated remaining commitment as of March 31, 2021 under these agreements for the manufacturing of our drug product is approximately $3.0 million. The Company may also be responsible for the payment of a monthly service fee for project management services for the duration of any agreements. The Company has incurred expenses under these agreements of $1.8 million and $634 thousand for the three months ended March 31, 2021 and March 31, 2020, respectively. Other Contractual Obligations The Company has contracted with various third parties to facilitate, coordinate and perform agreed upon market research activities relating to our lead product candidate, B-VEC. These contracts typically call for the payment of fees for services upon the achievement of certain milestones. Business activities being performed under these contracts primarily include market research and other related activities. The estimated remaining commitment as of March 31, 2021 is $3.5 million. The Company has incurred expenses under these activities of $1.3 million and zero for the three months ended March 31, 2021 and March 31, 2020, respectively. ASTRA Contractual Obligations The Company has contracted with various third parties to construct our second cGMP facility, ASTRA. Additionally, we have entered into various non-cancellable purchase agreements for long-lead materials to help avoid potential schedule disruptions or material shortages. These contracts typically call for the payment of fees for services or materials upon the achievement of certain milestones. The estimated remaining commitment as of March 31, 2021 is $13.3 million. The Company has included costs incurred to-date associated with ASTRA within construction in progress as of March 31, 2021. Legal Proceedings On May 1, 2020, a complaint was filed against us in the United States District Court for the Western District of Pennsylvania by PeriphaGen Inc., which also named our Chief Executive Officer and Chief Operating Officer, Krish Krishnan and Suma Krishnan, respectively. The complaint alleges breach of contract and misappropriation of trade secrets, which secrets the plaintiff asserts were used to develop our product candidates, including the vector backbones, and our STAR-D platform. We answered the complaint on June 26, 2020 by denying the allegations and brought a counterclaim asking the court to declare that we did not misappropriate PeriphaGen’s trade secrets or confidential information, and to further declare that we are the rightful and sole owner of our product candidates and STAR-D platform. In addition, we filed a third-party complaint against two principals of PeriphaGen, James Wechuck and David Krisky, alleging breach of contract and seeking contribution and indemnification from them in the event PeriphaGen is awarded damages. On July 29, 2020, PeriphaGen filed its response to our answer and counterclaim, denying the allegations in the counterclaim. On the same day, Messrs Wechuck and Krisky filed a motion to dismiss the third-party complaint on various grounds, and we have opposed the motion. On December 1, 2020, the court ruled on Messrs. Wechuck and Krisky's motion to dismiss our third-party complaint. The court determined that our claims for contribution and indemnification based on PeriphaGen's state law claims for unfair competition and misappropriation of trade secrets can proceed. Our breach of contract claim will also go forward in full. Fact discovery is ongoing. While we are unable to provide any assurances as to the ultimate outcome of the case, we believe the allegations in the complaint are without merit, and we intend to vigorously defend against them. We are currently unable to estimate the costs and timing of any litigation, including any potential damages if PeriphaGen were to prevail on its claims. |
Capitalization
Capitalization | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capitalization | Capitalization Sale of Common Stock On May 21, 2020, the Company completed a public offering of 2,275,000 shares of its common stock to the public at $55.00 per share. Net proceeds to the Company from the offering were $117.2 million after deducting underwriting discounts and commissions of approximately $7.5 million, and other offering expenses payable by the Company of approximately $463 thousand. On December 31, 2020, the Company entered into a sales agreement (the "Sales Agreement") with Cowen and Company, LLC ("Cowen") with respect to an at-the-market equity offering program ("ATM Program"), under which Cowen will act as the Company's agent and/or principal and may issue and sell from time to time, during the term of the Sales Agreement, shares of its common stock, par value $0.0001 per share, having an aggregate offering price up to $150.0 million ("Placement Shares"). Related offering expenses payable by the Company were $172 thousand. The issuance and sale of the Placement Shares by the Company under the Sales Agreement will be made pursuant to the Company's effective "shelf" registration statement on Form S-3. During the three months ended March 31, 2021, 262,500 shares of common stock were issued pursuant to the ATM Program at a weighted average price of $66.50 per share for net proceeds of $16.9 million, resulting in a remaining $132.5 million available for issuance under the ATM Program. On February 1, 2021, the Company completed a public offering of 2,211,538 shares of its common stock, including 288,461 shares purchased by the underwriters, at $65.00 per share. Net proceeds to the Company from the offering were $134.9 million after deducting underwriting discounts and commissions of approximately $8.6 million, and other offering expenses payable by the Company of $198 thousand. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock Options Stock options granted to employees vest ratably over a four-year period and options granted to directors of the company vest ratably over one year and four-year periods. Stock options have a life of ten years. The Company granted 502,450 and 229,000 stock options to employees and directors of the Company during the three months ended March 31, 2021 and 2020, respectively. The following table summarizes the Company’s stock option activity: Stock Weighted- Weighted- Aggregate Intrinsic Value (In thousands) (1) Outstanding at December 31, 2020 853,614 $ 40.31 9.0 $ 16,804 Granted 502,450 $ 77.46 Exercised (15,799) $ 21.93 Cancelled or forfeited (15,525) $ 42.43 Outstanding at March 31, 2021 1,324,740 $ 54.60 9.2 $ 30,445 Exercisable at March 31, 2021 157,611 $ 21.83 7.3 $ 8,702 (1) Aggregate intrinsic value represents the difference between the closing stock price of our common stock on March 31, 2021 and the exercise price of outstanding in-the-money options. The total intrinsic value (the amount by which the fair market value exceed the exercise price) of stock options exercised during the three months ended March 31, 2021 and 2020 was $808 thousand and $656 thousand, respectively. The weighted-average grant-date fair value per share of options granted to employees during the three months ended March 31, 2021 and 2020 was $50.04 and $34.37, respectively. There was $41.2 million of unrecognized stock-based compensation expense related to employees’ option awards that is expected to be recognized over a weighted-average period of 3.5 years as of March 31, 2021. The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, 2021 2020 (unaudited) Research and development $ 516 $ 189 General and administrative 1,615 350 Total stock-based compensation $ 2,131 $ 539 We capitalize the portion of stock-based compensation that relates to work performed on the construction of new buildings. There was $37 thousand and zero of stock-based compensation that was capitalized in the three months ended March 31, 2021 and 2020, respectively. The Company recorded stock-based compensation expense of $2.1 million and $539 thousand for the three months ended March 31, 2021 and 2020, respectively. The fair value of options was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Expected stock price volatility 73 % 74 % Expected term of the award (years) 6.22 6.23 Risk-free interest rate 1.00 % 1.29 % Weighted average exercise price $ 77.46 $ 52.28 Forfeiture rate — % 6.42 % Restricted Stock Awards Restricted stock awards ("RSAs") granted to employees vest ratably over one year and four-year periods. Restricted stock awards have a life of ten years. The Company granted 98,800 and zero RSAs to employees of the Company during the three months ended March 31, 2021 and 2020, respectively. The following table summarizes the Company’s RSA activity: Number of Shares Weighted Average Non-vested RSAs as of December 31, 2020 — $ — Granted 98,800 $ 78.89 Vested — $ — Forfeited — $ — Non-vested RSAs as of March 31, 2021 98,800 $ 78.89 As of March 31, 2021, 98,800 RSAs were outstanding. The fair value of each restricted stock was $78.89 reflecting the closing price of our common stock on the grant date. The Company recorded stock-based compensation expense related to RSAs of $182 thousand and zero for the three months ended March 31, 2021 and 2020, respectively, within general and administrative expenses in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 (unaudited) General and administrative $ 182 $ — Total stock-based compensation $ 182 $ — Shares remaining available for grant under the Company’s stock incentive plan were 1,893,631, with a sublimit for incentive stock options of 402,692, at March 31, 2021. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsIn December 2019, the Company advanced $420 thousand to a member of our management team to cover the personal payroll and income taxes on their taxable income from NSO exercises. This employee repaid the Company in the full amount on January 6, 2020. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company evaluates events or transactions that occur after the balance sheet date, but prior to the issuance of the financial statements, to identify matters that require disclosure. The Company concluded that no subsequent events have occurred that would require recognition or disclosure in the condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim condensed financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update (“ASU”), of the Financial Accounting Standards Board (“FASB”), and the rules and regulations of the US Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The reclassified amounts have no impact on the Company’s previously reported financial position or results of operation. These unaudited interim condensed financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the SEC on March 1, 2021. |
Risks and Uncertainties | Risks and Uncertainties The novel coronavirus ("COVID-19") pandemic has resulted, and is likely to continue to result, in significant national and global economic uncertainty and may adversely affect our business. The Company is continuing to actively monitor the impact of the COVID-19 pandemic and the related effects on its financial condition, liquidity, operations, suppliers, industry, and workforce. However, the full extent, consequences, and duration of the COVID-19 pandemic and the resulting impact on the Company cannot currently be predicted. The Company will continue to evaluate the impact that these events could have on the operations, financial position, and the results of operations and cash flows during fiscal year 2021. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements. Estimates are used in the following areas including stock-based compensation expense, accrued expenses, the fair value of financial instruments, the incremental borrowing rate for lease liabilities, and the valuation allowance included in the deferred income tax calculation. |
Segment and Geographical Information | Segment and Geographical InformationOperating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company and the Company’s chief operating decision maker view the Company’s operations and manage its business in one operating segment, which is the business of developing and commercializing pharmaceuticals. |
Concentrations of Credit Risk and Off-Balance Sheet Risk | Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments that potentially subject the Company to credit risk consist of cash, cash equivalents and investments. The Company’s policy is to invest its cash, cash equivalents and investments in money market funds, certificates of deposit and various other bank deposit accounts. The counterparties to the agreements relating to the Company’s investments consist of financial institutions of high credit standing. The Company is exposed to credit risk in the event of default by the financial institutions to the extent amounts recorded on the balance sheets are in excess of insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss. |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments Cash and cash equivalents consist of money market funds and bank deposits. Cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Investments with maturities of greater than 90 days but less than one year are classified as short-term investments on the consolidated balance sheets and consist of certificates of deposit. Investments with maturities of greater than one year are classified as long-term investments on the consolidated balance sheets and consist of certificates of deposit. Accrued interest on certificates of deposit are also classified as short-term investments. As our entire investment portfolio is considered available for use in current operations, we classify all investments as available-for-sale securities. Available-for-sale securities are carried at fair value, with unrealized gains and losses reported in accumulated other comprehensive loss, which is a separate component of stockholders’ equity in the consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a three-level hierarchy that prioritizes the inputs used in determining fair value by their reliability and preferred use, as follows: • Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities. • Level 2 — Valuations based on quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Valuations based on inputs that are both significant to the fair value measurement and unobservable. To the extent that a valuation is based on models or inputs that are less observable, or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized within Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. There have been no significant changes to the valuation methods utilized by the Company during the periods presented. There have been no transfers between Level 1, Level 2, and Level 3 in any periods presented. The carrying amounts of financial instruments consisting of cash and cash equivalents, investments, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities included in the Company’s financial statements, are reasonable estimates of fair value, primarily due to their short maturities. Marketable securities are classified as long-term investments if the Company has the ability and intent to hold them and such holding period is longer than one year. The Company classifies all of its investments as available-for-sale. Our available-for-sale, short-term investments, which consist of certificates of deposit, are considered to be Level 2 valuations. The fair value of Level 2 financial assets is determined using inputs that are observable in the market or can be derived principally from or corroborated by observable market data, such as pricing for similar securities, recently executed transactions, cash flow models with yield curves, and benchmark securities. In addition, Level 2 financial instruments are valued using comparisons to like-kind financial instruments and models that use readily observable market data as their basis. |
Property and Equipment, net | Property and Equipment, net Property and equipment, net, is stated at cost, less accumulated depreciation. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred, while costs of major additions and betterments are capitalized. Upon disposal, the related cost and accumulated depreciation is removed from the accounts and any resulting gain or loss is included in the results of operations. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Computer equipment and software 3 years Lab equipment 3 -7 years Furniture and fixtures 3 years Leasehold improvement shorter of 8 years or remaining life of lease Construction in progress ("CIP") is not depreciated until the asset is placed in service. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates long-lived assets for potential impairment when events or changes in circumstances indicate the carrying value of the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount of the asset. The Company has not recognized any impairment losses for the three months ended March 31, 2021 and 2020. |
Leases | Leases The Company accounts for its lease agreements in accordance with FASB ASC Topic 842, Leases ("ASC 842"). Right-of-use lease assets represent our right to use the underlying asset during the lease term and the lease obligations represent our commitment to make lease payments arising from the lease. Right-of-use lease assets and obligations were recognized based on the present value of remaining lease payments over the lease term. As the Company’s lease agreements do not provide an implicit rate and as the Company does not have any external borrowings, we have used an estimated incremental borrowing rate based on the information available at lease commencement in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for the payment is incurred. In addition, the Company also has made an accounting policy election to exclude leases with an initial term of twelve months or less from its balance sheet and to account for lease and non-lease components of its operating leases as a single component. For lease arrangements where it has been determined that the Company has control over an asset that is under construction and is thus considered the accounting owner of the asset during the construction period, the Company records a construction in progress asset and corresponding financial obligation on the condensed consolidated balance sheet. Once the construction is complete, an assessment is performed to determine whether the lease meets certain "sale-leaseback" criteria. If the sale-leaseback criteria are determined to be met, the Company will remove the asset and related financial obligation from the condensed consolidated balance sheet and treat the building lease as either an operating or finance lease based on our assessment of the guidance. If, upon completion of construction, the project does not meet the "sale-leaseback" criteria, the lease will be treated as a financing obligation and the Company will depreciate the asset over its estimated useful life for financial reporting purposes once the asset has been placed into service. |
Research and Development Expenses | Research and Development Expenses Research and development costs are charged to expense as incurred in performing research and development activities. These costs include employee compensation costs, facilities and overhead, preclinical and clinical activities, related clinical manufacturing costs, contract management services, regulatory and other related costs. The Company estimates contract research and clinical trials materials manufacturing expenses based on the services performed pursuant to contracts with research organizations and manufacturing organizations that manufacture materials used in the Company’s ongoing preclinical and clinical studies. Non-refundable advanced payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third party service providers and the Company’s estimates of accrued expenses using information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. |
Stock-Based Compensation Expense | Stock-Based Compensation Expense The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation-Stock Compensation (“ASC 718”). ASC 718 requires all stock-based payments, including grants of stock options and restricted stock, to be recognized in the statements of operations based on their grant-date fair values. Compensation expense is recognized on a straight-line basis based on the grant-date fair value over the associated service period of the award, which is generally the vesting term. The Company estimates the fair value of its stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including: (i) the expected stock price volatility; (ii) the expected term of the award; (iii) the risk-free interest rate; and (iv) expected dividends. Due to the lack of sufficient history and trading volume of our Common Stock and a lack of Company-specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of similar companies that are publicly traded. When selecting these public companies on which it has based its expected stock price volatility, the Company selected companies with comparable characteristics to it, including enterprise value, risk profiles, position within the industry, and with historical share price information sufficient to meet the expected term of the stock-based awards. The Company computes historical volatility data using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions from non-owner sources. Unrealized gains or losses on available-for-sale securities is a component of other comprehensive gains or losses and is presented net of taxes. We have not recorded any reclassifications from other comprehensive gains or losses to net loss during any period presented. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Lives of Assets | Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, which are as follows: Computer equipment and software 3 years Lab equipment 3 -7 years Furniture and fixtures 3 years Leasehold improvement shorter of 8 years or remaining life of lease |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share Attributable to Common Stockholders | Three Months Ended 2021 2020 (In thousands, except shares and per share data) (Unaudited) Numerator: Net loss per common share $ (15,812) $ (5,341) Denominator: Weighted-average basic and diluted common shares 21,253,508 17,359,356 Basic and diluted net loss per $ (0.74) $ (0.31) |
Fair Value Instruments (Tables)
Fair Value Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash, Cash Equivalents and Available-for-Sale Securities | The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of March 31, 2021 and December 31, 2020, respectively (in thousands): March 31, 2021 (unaudited) Amortized Cost Gross Gross Aggregate Fair Cash and Cash Short-term Marketable Securities (1) Level 1: Cash $ 2,752 $ — $ — $ 2,752 $ 2,752 $ — Money market instruments 399,420 — — 399,420 399,420 — Subtotal 402,172 — — 402,172 402,172 — Level 2: Certificates of deposit 1,248 — — 1,248 — 1,248 Subtotal 1,248 — — 1,248 — 1,248 Total $ 403,420 $ — $ — $ 403,420 $ 402,172 $ 1,248 December 31, 2020 Amortized Cost Gross Gross Aggregate Fair Cash and Cash Short-term Marketable Securities (1) Level 1: Cash $ 9,463 $ — $ — $ 9,463 $ 9,463 $ — Money market instruments 258,806 — — 258,806 258,806 — Subtotal 268,269 — — 268,269 268,269 — Level 2: Certificates of deposit 2,986 7 — 2,993 — 2,993 Subtotal 2,986 7 — 2,993 — 2,993 Total $ 271,255 $ 7 $ — $ 271,262 $ 268,269 $ 2,993 (1) The Company’s short-term marketable securities mature in one year or less. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): March 31, December 31, (Unaudited) Construction in progress $ 24,833 $ 23,031 Leasehold improvements 5,719 4,631 Furniture and fixtures 877 870 Computer equipment and software 82 82 Laboratory equipment 5,178 4,630 Total property and equipment 36,689 33,244 Accumulated depreciation and amortization (2,806) (2,368) Property and equipment, net $ 33,883 $ 30,876 |
Schedule of Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, December 31, (Unaudited) Accrued preclinical and clinical expenses $ 2,192 $ 1,735 Accrued professional fees 1,100 642 Accrued payroll and benefits 769 1,486 Accrued taxes 51 40 Accrued construction in progress 2,252 1,049 Other current liabilities 151 26 Accrued financing costs 137 131 Total $ 6,652 $ 5,109 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Operating Lease Payments | As of March 31, 2021, future minimum commitments under the Company’s operating leases were as follows (in thousands): Operating 2021 (remaining nine months) $ 507 2022 686 2023 698 2024 711 2025 729 Thereafter 6,839 Future minimum operating lease payments $ 10,170 Less: Interest 6,300 Present value of lease liability $ 3,870 |
Schedule of Supplemental Condensed Consolidated Balance Sheet Information Related to Leases | Supplemental condensed consolidated balance sheet information related to leases is as follows: (unaudited) March 31, 2021 December 31, 2020 Operating leases: Right-of-use assets $ 3,200 $ 3,298 Current portion of lease liability 648 638 Lease liability 3,222 3,308 Total lease liability $ 3,870 $ 3,946 Weighted average remaining lease term, in years 16.5 16.4 Weighted average discount rate 9.4 % 9.4 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Company's Stock Option Activity | The following table summarizes the Company’s stock option activity: Stock Weighted- Weighted- Aggregate Intrinsic Value (In thousands) (1) Outstanding at December 31, 2020 853,614 $ 40.31 9.0 $ 16,804 Granted 502,450 $ 77.46 Exercised (15,799) $ 21.93 Cancelled or forfeited (15,525) $ 42.43 Outstanding at March 31, 2021 1,324,740 $ 54.60 9.2 $ 30,445 Exercisable at March 31, 2021 157,611 $ 21.83 7.3 $ 8,702 (1) Aggregate intrinsic value represents the difference between the closing stock price of our common stock on March 31, 2021 and the exercise price of outstanding in-the-money options. |
Summary of Stock Based Compensation Expense Related to Issuance of Stock Option Awards and Restricted Stock Awards | The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards in the condensed consolidated statements of operations for the three months ended March 31, 2021 and 2020 as follows (in thousands): Three Months Ended March 31, 2021 2020 (unaudited) Research and development $ 516 $ 189 General and administrative 1,615 350 Total stock-based compensation $ 2,131 $ 539 As of March 31, 2021, 98,800 RSAs were outstanding. The fair value of each restricted stock was $78.89 reflecting the closing price of our common stock on the grant date. The Company recorded stock-based compensation expense related to RSAs of $182 thousand and zero for the three months ended March 31, 2021 and 2020, respectively, within general and administrative expenses in the accompanying condensed consolidated statements of operations (in thousands): Three Months Ended March 31, 2021 2020 (unaudited) General and administrative $ 182 $ — Total stock-based compensation $ 182 $ — |
Fair Value of Stock Options, Valuation Assumptions | The fair value of options was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Expected stock price volatility 73 % 74 % Expected term of the award (years) 6.22 6.23 Risk-free interest rate 1.00 % 1.29 % Weighted average exercise price $ 77.46 $ 52.28 Forfeiture rate — % 6.42 % |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following table summarizes the Company’s RSA activity: Number of Shares Weighted Average Non-vested RSAs as of December 31, 2020 — $ — Granted 98,800 $ 78.89 Vested — $ — Forfeited — $ — Non-vested RSAs as of March 31, 2021 98,800 $ 78.89 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ 87,026 | $ 71,214 |
Cash, cash equivalents and short-term investments | $ 403,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)segment | Mar. 31, 2020USD ($) | |
Significant Accounting Policies [Line Items] | ||
Number of operating segment | segment | 1 | |
Equipment | ||
Significant Accounting Policies [Line Items] | ||
Recognized impairment losses for long lived assets | $ | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Assets (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Computer equipment and software | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Laboratory equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Laboratory equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 7 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 8 years |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Common share equivalents outstanding, excluded from the calculation of diluted net loss per common share (in shares) | 1,423,540 | 548,193 |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss Per Share and Per Unit (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | ||
Net loss per common share | $ (15,812) | $ (5,341) |
Denominator: | ||
Weighted-average basic and diluted common shares (in dollars per share) | 21,253,508 | 17,359,356 |
Basic and diluted net loss per common share (in dollars per share) | $ (0.74) | $ (0.31) |
Fair Value Instruments - Summar
Fair Value Instruments - Summary of Cash, Cash Equivalents and Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 402,172 | $ 268,269 |
Gross Unrealized Gains | 7 | |
Amortized Cost | 403,420 | 271,255 |
Aggregate Fair Value, Total | 403,420 | 271,262 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Fair Value, Total | 402,172 | 268,269 |
Short-term Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Fair Value, Total | 1,248 | 2,993 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 402,172 | 268,269 |
Aggregate Fair Value | 402,172 | 268,269 |
Level 1 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 402,172 | 268,269 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 1,248 | 2,986 |
Gross Unrealized Gains | 7 | |
Aggregate Fair Value | $ 1,248 | 2,993 |
Debt Securities, Available-for-sale, Term | 1 year | |
Level 2 | Short-term Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Fair Value | $ 1,248 | 2,993 |
Cash | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,752 | 9,463 |
Aggregate Fair Value | 2,752 | 9,463 |
Cash | Level 1 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 2,752 | 9,463 |
Money market instruments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 399,420 | 258,806 |
Aggregate Fair Value | 399,420 | 258,806 |
Money market instruments | Level 1 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 399,420 | 258,806 |
Certificates of deposit | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Amortized Cost | 1,248 | 2,986 |
Gross Unrealized Gains | 7 | |
Aggregate Fair Value | 1,248 | 2,993 |
Certificates of deposit | Level 2 | Short-term Marketable Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Aggregate Fair Value | $ 1,248 | $ 2,993 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 36,689 | $ 33,244 |
Accumulated depreciation and amortization | (2,806) | (2,368) |
Property and equipment, net | 33,883 | 30,876 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 24,833 | 23,031 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 5,719 | 4,631 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 877 | 870 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 82 | 82 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 5,178 | $ 4,630 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation expense | $ 438 | $ 335 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Accrued Expenses And Other Current Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued preclinical and clinical expenses | $ 2,192 | $ 1,735 |
Accrued professional fees | 1,100 | 642 |
Accrued payroll and benefits | 769 | 1,486 |
Accrued taxes | 51 | 40 |
Accrued construction in progress | 2,252 | 1,049 |
Other current liabilities | 151 | 26 |
Accrued Financing Fees, Current | 137 | 131 |
Total | $ 6,652 | $ 5,109 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Oct. 15, 2020USD ($) | Mar. 31, 2021USD ($)ft² | Mar. 31, 2020USD ($) | Oct. 05, 2020USD ($) | Jan. 21, 2020USD ($) |
Operating Leased Assets [Line Items] | |||||
Cash contribution | $ 2,400 | $ 2,400 | |||
Purchase price of potential purchase | $ 9,400 | ||||
Finance lease, liability | 10,000 | ||||
Construction in progress, gross | $ 10,000 | ||||
Escrow deposit | $ 1,500 | ||||
Lessor, operating lease, liability, annual lease payments | $ 82 | ||||
Cumulative escalation clause | 0.10 | ||||
Cumulative escalation clause, term | 5 years | ||||
Operating lease costs | $ 218 | $ 164 | |||
Variable lease costs | 37 | 14 | |||
Clinical Supply Agreements | |||||
Operating Leased Assets [Line Items] | |||||
Estimated remaining commitment | 3,000 | ||||
Project management service fee | 1,800 | 634 | |||
Other Contractual Obligations | |||||
Operating Leased Assets [Line Items] | |||||
Estimated remaining commitment | 3,500 | ||||
Project management service fee | 1,300 | $ 0 | |||
ASTRA Facility | |||||
Operating Leased Assets [Line Items] | |||||
Estimated remaining commitment | $ 13,300 | ||||
2016 Lease Agreement | |||||
Operating Leased Assets [Line Items] | |||||
Additional area of real estate property leased | ft² | 28,000 | ||||
ANCORIS | |||||
Operating Leased Assets [Line Items] | |||||
Additional area of real estate property leased | ft² | 7,500 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Operating Lease Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 (remaining nine months) | $ 507 | |
2022 | 686 | |
2023 | 698 | |
2024 | 711 | |
2025 | 729 | |
Thereafter | 6,839 | |
Future minimum operating lease payments | 10,170 | |
Less: Interest | 6,300 | |
Present value of lease liability | $ 3,870 | $ 3,946 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Supplemental Condensed Consolidated Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Right-of-use assets | $ 3,200 | $ 3,298 | $ 3,298 |
Current portion of lease liability | 648 | 638 | 638 |
Lease liability | 3,222 | $ 3,308 | 3,308 |
Present value of lease liability | $ 3,870 | $ 3,946 | |
Weighted average remaining lease term, in years | 16 years 6 months | 16 years 4 months 24 days | |
Weighted average discount rate | 9.40% | 9.40% |
Capitalization - Additional Inf
Capitalization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2021 | May 21, 2020 | Jan. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Schedule of Capitalization, Equity [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | |||
Public Offering | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Issuance of common stock, net, (in shares) | 2,211,538 | 2,275,000 | |||
Shares issued, price per share (in dollars per share) | $ 65 | $ 55 | |||
Proceeds from initial offering of shares | $ 117,200 | ||||
Underwriting discounts and commissions | $ 8,600 | 7,500 | |||
Offering expenses | 198 | $ 463 | |||
Sale of stock, consideration received on transaction | $ 134,900 | ||||
ATM Program | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Sale of stock, number of shares issued in transaction | 262,500 | ||||
Sale of stock, price per share | $ 66.50 | ||||
Sale of stock, consideration received on transaction | $ 16,900 | ||||
Sale of stock, remaining available issuance amount | $ 132,500 | ||||
Over-Allotment Option | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Issuance of common stock, net, (in shares) | 288,461 | ||||
Stock Sale Agreement | Placement Shares | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Offering expenses | $ 172 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | ||||
Sale of stock, aggregate offering price | $ 150,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option expiration period | 10 years | ||
Stock options granted (in shares) | 502,450 | 229,000 | |
Intrinsic value of options exercised | $ 808 | $ 656 | |
Share-based payment arrangement, amount capitalized | $ 37 | $ 0 | |
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares remaining available for grant | 1,893,631 | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period | 4 years | ||
Weighted-average grant-date fair value per share of options granted (in dollars per share) | $ 50.04 | $ 34.37 | |
Unrecognized stock-based compensation expense | $ 41,200 | ||
Estimated weighted average period | 3 years 6 months | ||
Stock-based compensation expense | $ 2,131 | $ 539 | |
Non-Employee Stock Option | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period | 1 year | ||
Non-Employee Stock Option | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period | 4 years | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value per share of options granted (in dollars per share) | $ 78.89 | ||
Stock-based compensation expense | $ 182 | $ 0 | |
Restricted stock award granted (in shares) | 98,800 | ||
Restricted stock award outstanding (in shares) | 98,800 | 0 | 0 |
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period | 1 year | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option vesting period | 4 years | ||
Incentive Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares remaining available for grant | 402,692 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Company's Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Stock Options Outstanding | |||
Beginning balance (in shares) | 853,614 | ||
Granted (in shares) | 502,450 | 229,000 | |
Exercised (in shares) | (15,799) | ||
Cancelled or forfeited (in shares) | (15,525) | ||
Ending balance (in shares) | 1,324,740 | 853,614 | |
Exercisable end of period (in shares) | 157,611 | ||
Weighted- average Exercise Price | |||
Beginning balance (in dollars per share) | $ 40.31 | ||
Granted (in dollars per share) | 77.46 | ||
Exercised (in dollars per share) | 21.93 | ||
Cancelled or forfeited (in dollars per share) | 42.43 | ||
Ending balance (in dollars per share) | 54.60 | $ 40.31 | |
Exercisable end of period (in dollars per share) | $ 21.83 | ||
Weighted- average Remaining Contractual Life (Years) | |||
Weighted-average remaining contractual life (Years) | 9 years 2 months 12 days | 9 years | |
Weighted-average remaining contractual life (Years), exercisable | 7 years 3 months 18 days | ||
Aggregate Intrinsic Value | |||
Aggregate intrinsic value, outstanding | $ 30,445 | $ 16,804 | |
Exercisable at March 31, 2021 | $ 8,702 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Based Compensation Expense Related to Issuance of Stock Option Awards and Restricted Stock Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Option | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 2,131 | $ 539 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 182 | 0 |
Research and development | Share-based Payment Arrangement, Option | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 516 | 189 |
General and administrative | Share-based Payment Arrangement, Option | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | 1,615 | 350 |
General and administrative | Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation | $ 182 | $ 0 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Options, Valuation Assumptions (Detail) - Share-based Payment Arrangement, Option - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected stock price volatility | 73.00% | 74.00% |
Expected term of the award (years) | 6 years 2 months 19 days | 6 years 2 months 23 days |
Risk-free interest rate | 1.00% | 1.29% |
Weighted average exercise price (in dollars per share) | $ 77.46 | $ 52.28 |
Forfeiture rate | 0.00% | 6.42% |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Company's Restricted Stock Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 0 |
Granted (in shares) | shares | 98,800 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | 0 |
Ending balance (in shares) | shares | 98,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 78.89 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | $ 78.89 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 1 Months Ended |
Dec. 31, 2019USD ($) | |
Management | |
Related Party Transaction [Line Items] | |
Advance to management team | $ 420 |